Global Composite Output Index – produced by S&P Global – posted 48.0 in November, down from 49.0 in October. This marked the fourth consecutive month of global contraction and at the fastest pace since June 2020. At the root of the global slowdown had been the weakening of demand conditions, weighed down by challenges from rising prices, low confidence, higher interest rates and COVID-19 impact, such as in mainland China. Furthermore, the S&P Global Sector PMI data also showed widespread deterioration in business activity whereby only four of the 21 categories tracked exhibited expansion in output from the previous month. National PMI data further highlighted business activity shrinking in major developed economies, with a steep deterioration in the US, outlining the extent of the current downturn.
The global slowdown accelerated midway into the final quarter of the year with both manufacturing and services output deepening in contraction. Demand conditions further deteriorated, though supporting the easing of supply constraints and price pressures. Overall, business confidence remained muted.
Source: S&P Global
Post by: Republic of Türkiye Ministry of Trade